Family First Credit Union Discounted Variable Loan

Features

The Discounted Variable Loan is only offered as a variable rate loan. Borrowers are offered an introductory rate offer – discounted for an agreed period from the time of establishment.

Flexible repayments options include the ability to make your repayments weekly, fortnightly or monthly. There is also the ability to make lump sum payments into this loan, without penalty.

Should you wish to later draw on those additional payments, a redraw facility is available with the Family First Credit Union Discounted Variable Loan. However, redraw fees may apply.

However, the loan does not offer a mortgage offset facility.

The Community First Credit Union Discounted Variable Loan allows for borrowing of up to 95 per cent of the property value, with lenders mortgage insurance. So it may suit borrowers with few savings. 

Who is the Family First Credit Union Discounted Variable Loan good for?

Family First Credit Union’s Discounted Variable Loan is available to owner-occupier and investors borrowers. It may suit first home buyers as well as refinancers.

But be aware that the attractive discounted rate is only for a short time, and later reverts to a variable rate, which may be higher. So borrowers should factor this into their long-term calculations.

Review - What RateCity says

While Family First Credit Union Discounted Variable Loan offers very competitive introductory rates. However, that these discounted rates are for a short time only so borrowers should weigh up the long-term costs of this loan.

The loan has no ongoing fees, however substantial upfront costs and a discharge fee applies.

There are a number of popular mortgage features offered with this loan, including the ability to make lump sum payments and a redraw facility in case you wish to draw on those funds at a later time.

The loan also offers a small deposit option, allowing borrowing of up to 95 per cent of the property value, with lenders mortgage insurance.

Family First Credit Union is a member-based institution with limited branch access only.

Family First Credit Union Discounted Variable Loan Options

For more information about the Family First Credit Union Discounted Variable Loan, click on the links below. 

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More details

Variable Rates from

3.60%

Advertised rate

4.57%

Comparison rate
Pros
  • Discounted interest rate.
  • No ongoing fees charged.
  • Redraw facility.
Cons
  • High upfront fees.
  • Discharge fee applies.
  • Discounted interest rate is for a short period only.
Eligibility

Minimum borrowing $20,000.

Must be a member of the Family First Credit Union.

Must meet the lender’s serviceability requirements. 

Suitable For
  • First Home Buyers
  • Investors
  • Owner-Occupiers
  • Refinancers
Fees
  • Estimated upfront fees: $200.00
  • Discharge fees: $250
  • Ongoing fees: $0

The Family First Credit Union Discounted Variable Loan has no ongoing monthly fees.

The upfront fees charged are substantial and a discharge fee is also applied when the loan is closed. 

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About Family First Credit Union

Family First Credit Union is a mutually owned financial co-operative. It is a small lender based in Lithgow and has limited branch access. However, they do offer 24/7 online and phone banking, as well as access to the rediATM network of cash machines.

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